Business centres, co-working spaces likely to become new normal post the second wave of COVID-19

A study has revealed that companies could save millions annually by taking up more efficient methods of managing workspaces.

The pandemic has hit every business hard irrespective of its size. During the pandemic we learned to cope and, in the post-pandemic world, the need is to learn to thrive. Companies emerging from the crisis are realizing that workforces require newer capabilities to face the future.

Numerous corporates who were planning for long-term business goals, expansion and their future office space requirements with leased spaces have however with the resurgence of Covid-19 come to a standstill, yet again. Maybe the time is to have a short-term vision and switch to Business Centres and Co-working Spaces which are best suited due to their flexibility to upscale or downscale, easier lease terms, and ready availability.

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According to a report published by one of the IPCs, while the business sentiments and market recovery had been affected by the second wave of the pandemic during the latter part of Q1 2021, the current quarter continues to sustain the recovery momentum in office activity.

The key highlights of the report are:

  • 12.2 msf gross leasing volume in Q1 2021, 5.3% higher q-o-q (down by 25.4% y-o-y)
  • Flex workspaces with only a 6% share in leasing, continued to remain muted during the quarter.
  • New completions in Q1 2021 were recorded at 10.9 msf; Hyderabad led with a 38% share. However, supply recorded a 14.0% decline on a quarterly basis due to the resurgence of COVID-19 during the latter part of the quarter.
  • Net absorption in Q1 2021 stood at 3.6 msf, lower by 42.5% on a quarterly basis.

A study has revealed that companies could save millions annually by taking up more efficient methods of managing workspaces. This is why organisations have started taking measures to cut down excess office space since the pandemic hit us. In the current lockdown and work-from-home circumstances, many organisations are losing money due to under-utilised office spaces. This is giving a huge push for the need of workplaces evolving to the next level and this has resulted in Business Centres and Co-working Spaces emerging as the first option for companies across different sectors and territories.

Business Centres and Co-working players have always had a meticulous approach and reassessed that they need to build office spaces that are more resilient and offer the flexibility to upsize and downsize with lots of service offerings not limiting to technological advancements and shorter lease terms to help the tenant be more productive and increase his sustenance.

Keeping in mind the current market situations which were anticipated last year, one of the most reputed and largest Indian Business Centre has also started providing unmatched Business Support Services to its Fortune 500, mid-sized and startup clients ensuring that they remain focussed on their core businesses while they take care of all their business needs.

The services are spread across all the basic and most important business functions like – Taxation & GST Services, Legal Compliances & Company Registration, Concierge Services, IT Support, HR Services, Marketing Services and Admin Services. Besides all the other Covid-19 precautions and protocols, they also made all their Business Centres across India “Zero-Touch” with an endeavour to provide high levels of service standards for their clients while keeping in mind their well-being and safety on top priority.

(By Vineet Taing, President, Vatika Business Centre)

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